Useful Information and Dates for Business Owners and Directors

Chris Rooke Management: Business advice and accountancy services for Lincoln, Lincolnshire

Budget Rates & Allowances

Budget Briefing - Useful Rates and Allowances 2011/2012
  2011/2012 2010/2011
Income Tax (IT):
Personal Allowance*£7,475£6,475
Personal Allowance 65-74**£9,940£9,490
Personal Allowance 75+£10,090£9,640
Married Couples 75+£7,295£6,965
20% Basic Rate£0-£35,000£0-£37,400
40% Higher Rate£35,001£37,401
50% Top Rate£150,001£150,001
 
National Insurance (NIC): 
NI Lower Threshold£139 per week£110 per week
Employee Contribution 
£139 to £817 per week (10/11: £110pw to £844pw)12.00%11.00%
£817 per week + (10/11: £844pw)2.00%1.00%
Employer Contribution 
£139 per week + (10/11: £110pw)13.80%12.80%
Self-Employed Class 2£2.50 per week£2.40 per week
Self-Employed Class 49% above £7,2258% above £5,715
 
Capital Gains Tax (CGT): 
CGT Threshold£10,600£10,100
Capital Gains Tax Standard Rate18.00%18.00%
Higher Rate28.00%28.00%
 
Inheritance Tax (IHT): 
IHT Threshold£325,000£325,000
Standard Rate40.00%40.00%
 
Corporation Tax (CT): 
Small Companies Rate20.00%21.00%
Full Rate26.00%28.00%
 
Capital Allowances (CA): 
Small Companies Annual Investment to £100k100.00%100.00%
Standard Rate on Plant & Machinery20.00%20.00%
 
Value Added Tax (VAT): 
Registration£73,000£70,000
Deregistration£71,000£68,000
VAT Rate 20.00% (VAT Fraction 1/6) 
 
Individual Savings Accounts (ISA): 
Annual Investment Limit£10,680£10,200
Maximum Cash Investment£5,340£5,100
 
Approved Mileage Allowance Rates: 
Up to 10,000 Miles (Per Mile)45p40p
Over 10,000 Miles (Per Mile)25p25p

* Reduced by £1 for every £2 of income over £100,000 to potentially nil

** Reduced by £1 for every £2 of income over £24,000, but allowance cannot be reduced below personal allowance.

Useful Dates

As part of our commitment to all business owners and directors, it is important that they are familiar with the following dates. Late submissions for some of the below may incur fines from HMRC.

31st January 2012 - Self Assessment Tax Returns to be submitted
  - 1st payment due on account for self assessments
  - Any outstanding balances due on self assessments
31st March 2012
- HM Revenue and Customs Financial Year End
5th April 2012
- HM Revenue and Customs Tax Year End
19th May 2012 - P35/P14 (Payroll Year End) to be submitted
31st May 2012 - P60s to be distributed to employees
6th July 2012 - Form P11D (Directors & Employees Benefits) to be submitted
19th July 2012 - Class 1a National Insurance due
31st July 2012 - 2nd payment due on account for self assessments

Corporation Tax - Due 9 months following company year end.
Company Accounts - Due to be filed at Companies House within 10 months of company year end.

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